Regulatory Alerts2020-12-18
Instruction (Historical) No. 31/2020
Banco de Portugal issued Instruction No. 31/2020 to establish the 0.0003% base contribution rate and the 235.00 euro minimum annual contribution for the Deposit Guarantee Fund for the year 2021. The instruction explicitly prohibits participating credit institutions from substituting their annual contribution with irrevocable payment commitments. This regulatory measure applies to banks and credit institutions to ensure adequate funding for the deposit guarantee scheme.
Instruction (Historical) No. 31/2020
Summary
Sets the base contribution rate at 0.0003% for determining each institution's rate, as well as the minimum contribution value for the Deposit Guarantee Fund to be made by participating institutions (235.00 euros) in the year 2021. Determines that participating credit institutions cannot substitute their annual contribution with irrevocable payment commitments.
Status
Expired
Official Journal
12/2020 Supplement Enabling Law Notice No. 11/94, of 29-12
Descriptors
Annual Contribution, Deposit Guarantee Fund
Publication Date
18-12-2020
Disclosure Date
17-12-2020
Entry into Force
01-01-2021
Type of Recipient
Credit Institutions
Recipients
Banks, Agricultural Mutual Credit Societies, Savings Banks
Theme :: Subtheme
Annual Contribution
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